Modernization of apartment complex includes extension of affordability for the next 40 years. On June 5, 2018, the Department of Housing Preservation and Development announced completion of modernization work at the Fox Hill Apartments. The New York State Homes and Community Renewal, Rockabill Consulting-Development, Park Management, and development partners joined HPD in a ribbon cutting ceremony in front of the complex, at 320 Vanderbilt Avenue in Staten Island.
The project helped renovate 362 affordable apartments in the complex. Built in 1965, the Fox Hill Apartments consists of three, six-story elevator buildings. All the buildings contain studio, one bedroom, and two bedroom apartments. The lobbies, hallways, kitchens, bathrooms, elevators, and electrical systems were also renovated. The apartments serve extremely low-, very low-, low-, and moderate-income New Yorkers.
The project costs $92.7 million. The New York State Homes and Community Renewal (HCR) provided $48.5 million in financing in the form of a tax-exempt bond and subsidy loans through its Multi-Family Preservation Program. HCR’s federal Low-Income Housing Tax Credit allocation will generate about $33.4 million in equity for the project. HPD provided $5.2 million in City Capital. The Fox Hill Apartments is also supported by the U.S. Housing and Urban Development’s Section 8 program. As a condition for receiving State and City funding, the owners also entered into regulatory agreements which will preserve tenant affordability for the next 40 years.
HPD Commissioner Maria Torres-Springer said “Safeguarding affordability around the city is key to keeping people in their homes and an integral part of our work through Housing New York. With the extensive rehabilitation of these three buildings at Fox Hill, 394 homes will remain affordable and high-quality for an additional 40 years.”
HCR Commissioner RuthAnne Visnauskas said, “The modernization of the Fox Hill Apartments complex is a concrete example of Governor Cuomo’s commitment to affordable housing on Staten Island. Built a year after the Verrazano Narrows Bridge opened, this revitalization of Fox Hill enhances the quality of life for current residents and assures affordable rents for 40 years to come.”
New York City Councilwoman Deborah Rose said, “The need for affordable housing is the top concern among my constituents based on the calls that come into my office and the conversations I have with local residents. Ensuring quality housing for people of all income levels is therefore among my top priorities as councilmember. By upgrading, strengthening and preserving 362 residential units in Fox Hills, this public-private partnership between Park Management and New York State Homes and Community Renewal helps meet an important need here on the North Shore.”
By: Dorichel Rodriguez (Dorichel is the CityLaw Fellow and a New York Law School Graduate, Class of 2017.)